| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers W > Headlines for Welltower Inc. > News item |
Morning Commentary: Ventas Realty, Welltower convertible notes active in early trading
By Abigail W. Adams
Portland, Me., June 12 – It was a quiet start to the week in the convertibles secondary space with a heavy slate of macro data and decisions in store.
Equity indexes launched the week in the green as the market awaited the latest Consumer Price Index report on Tuesday and the Federal Open Market Committee decision on Wednesday.
While the market is widely anticipating a pause in hikes, there remains debate about the future trajectory of rates and whether the second half will see hikes or cuts.
The Dow Jones industrial average was up 36 points, or 0.11%, the S&P 500 index was up 0.22%, the Nasdaq Composite index was up 0.58% and the Russell 2000 index was up 0.32% shortly before 11 a.m. ET.
There was $66 million in reported volume about one hour into the session with two names accounting for nearly one-third of the total volume in the space – Ventas Realty, LP and Welltower Inc.
After a largely flat aftermarket debut on Friday, Ventas’ 3.75% exchangeable notes due 2026 gained outright alongside stock in heavy volume.
The 3.75% exchangeable notes were changing hands at 101.75 versus a stock price of $46.27 early in the session.
There was $16 million in reported volume.
Ventas’ stock was trading at $45.88, an increase of 0.28%, shortly before 11 a.m. ET.
Welltower’s 2.75% convertible notes due 2028 (Baa1/BBB+) were also stronger outright in active trade.
The 2.75% notes were seen at 102.375 versus a stock price of $81.14.
There was $9.5 million in reported volume.
Welltower’s stock was changing hands at $81.25, an increase of 0.14%, shortly before 11 a.m. ET.
While Ventas’ exchangeable notes are not rated, the company is investment grade.
Welltower and Ventas carry similar profiles with holders switching between the issues since Ventas made its aftermarket debut last Friday.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.